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QUESTION 1 The following employees work for Contracts R US Ltd, a public company specialising in contract labour force for different projects in construction industry. The employees are paid an hourly rate, based on their Job Classification level. If an employee works more than 37 hours, they will be paid the overtime rate for the additional hours. The following table summarises the classifications and level of pay per classification: TABLE A: Classification Levels Level Hourly pay 1 30.00 2 40.00 3 50.00 4 60.00 5 70.00 6 75.00 The overtime hourly rate is $ 80 per hour for ALL employees, regardless of their classification level. Contracts R US Ltd has…

QUESTION 1. (a) This is a two period certainty model problem. Assume that Dorothy Pix has a sole income from Oz Electronics Ltd in which she owns 15% of the ordinary share capital. Currently, she has no savings. In early December, 2018, Oz Electronics Ltd reported net profits after tax of $600,000 for the last accounting year, 2017-18 (1 October, 2017 to 30 September, 2018), and announced it expects net profits after tax for the current accounting year, 2018-19, to be 25% higher than last financial year’s figure. The company has a dividend payout ratio of 60%, which it plans to continue, and will pay the annual dividend for 2017-18 in late-January, 2019, and the dividend for 2018-19 in late-January,…

PART A Jill commences trading 1st September 2017 preparing accounts to 30th September 2018. Her transactions in first month were as follows: 1/09 Started business with £3,000 in the Bank and £800 cash 2/09 Purchased goods £900 on credit from Ron 3/09 Bought Computer £800 paying by cheque 5/09 Sold goods for £500 and received the money in Bank 6/09 Bought goods on cash £400 from C Jones 10/09 Paid rent by cheque £300 12/09 Bought stationery £100 paying in cash 18/09 Goods returned to Ron £100 21/09 Let off part of the premises receiving rent by cheque £100 23/09 Sold goods on credit to Bill £400 23/09 Sold goods of £1500 and received cash 24/09 Bought a car for business…

Westpac Banking Corporation (WBC.AX) and Commonwealth Bank of Australia (CBA.AX) are amongst four big banks in Australia. These two companies are having the highest capitalisation within the Financial Sector. Find the monthly holding period returns for the 2017/18 financial year for Westpac (WBC), Commonwealth (CBA), and the market (MKT) as proxied by the All Ordinaries index. The monthly holding period return is the return you would receive if you bought an asset on the first day of the month (opening price) and sold it on the last day of the month (closing price). Using Excel, conduct a line graph with all three monthly returns included. The line graph will allow easy comparison of the performance of WBC, CBA and the MKT…

On 1 Oct 2018, Andrew Brown opened Nundle Services, a small business offering maintenance services in New South Wales. During the month of October, the business incurred the following transactions: 2 Oct, Andrew invested $50,000 cash in the business, which is organised as a sole trader. 3 Oct, got a 5 year loan for $30,000 from the ANZ bank, interest is 5% pa. 4 Oct, purchased and paid for equipment worth $51,000. Monthly depreciation will be $850. 5 Oct, purchased supplies for $6,500 on credit. 8 Oct, paid Oct office rent of $7,200. 10 Oct, Brown withdrew $2,000 for personal purposes. 17 Oct, paid an invoice of $4,500 for advertising 25 Oct, paid one year of insurance for $5,600 Additional…

Question 1 ABC Company Ltd uses the periodic inventory system. At 1 April 2016 the company had 170* units as opening stock valued at $22 each. During the year ended 31 March 2017 the Company sold 2,765* units for $105,070. ABC Company made the following purchases during the year: 30 May 2016 500* units for $23 each 31 August 2016 400* units for $21 each 30 November 2016 1,000* units for $24 each 28 February 2017 1,000* units for $23 each At 31 March 2017 ABC Company Ltd had 305* units as closing stock. Required: Calculate the closing inventory, cost of sales and gross profit using the: FIFO method. Weighted Average method. Question 2 ABC Company Ltd has just…

Question 1 a.Jayne Saxby is considering buying a new house for $500,000 and needs to borrow money from a bank. Currently, ANZ bank offers a 30-year loan. She can choose to pay weekly at an interest rate of 4.55% pa, or fortnightly at 4.75% pa. (i) Which payment option should Jayne choose? (ii) If Jayne wants to pay $1,000 a week, how long will it take her to pay off the loan? b.Jennifer Jean is 30 years old and has just had a baby son. She and her husband want to open a “Bump” savings account with Westpac for their baby and save up to $200,000 by the time he is 18 years old. Westpac’s savings rate is currently at 2.5%…

Use the following to answer questions 1-7 (provide step by step solution): Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 700 Materials costs $11,500 Conversion costs $22,200 Percentage complete with respect to materials 75% Percentage complete with respect to conversion …

Question 1: a) A company expects a series of 24 monthly receipts of $3,600 each. The first payment will be received 1 month from today. Determine the present value of this series assuming an interest rate of 12% per year compounded semiannually. b) A company is considering starting a new product line. The new product line requires the installation of new machines and equipment. For this purpose, company wants to borrow money by issuing bonds of $10,000 for 12-year period. The interest on these bonds is to be paid at a rate of 10% per year. Compute the amount of interest to be paid to bondholders over 12-year period: …

Part A: Bowral Holiday Hobbies Ltd plans to sell toy cars over the internet and by mail order. Bowral Holiday Hobbies Ltd buys the toy cars for $24 and sells them for $32. If payment by cheque accompanies the mail orders (estimated to be 50 per cent of sales), Bowral Holiday Hobbies Ltd gives a 10 per cent discount. If customers include a credit card number for internet or mail order sales (20 per cent of sales), customers receive a 5 per cent discount. The remaining collections are estimated to be: • One month following 12% • Two months following 8% • Three months following 6% • Uncollectable 4% Bowral Holiday Hobbies Ltd has forecasted the following sales volumes: • June…

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